Falcon Loan Program available at Tinker

Published March 4, 2008
By Brandice J. Armstrong
Tinker Public Affairs

TINKER AIR FORCE BASE -- Despite appealing features of commercial payday loans, consequences may cost far more than initial benefits. On March 3, the Air Force Aid Society introduced a zero percent interest loan program to save Airmen big bucks.
   Available to active duty Air Force officers, enlisted members and spouses with power of attorney stationed at an Air Force Base with a family support or family readiness center, the Falcon Loan Program will pay up to $500. Borrowers have up to 10 months to repay the loan. Only two Falcon Loans can be used during an Airman's career and they cannot be used simultaneously, officials said.
   "Anything that helps our Airmen is a good program," said Jane Allen, Tinker Family Support Center flight chief. "It seems so many people get into the cycle of payday loans and it's proven through statistics that once you start getting into the payday loan trap, the tendency is continue in that trap, it's a downhill cycle. Anything that can prevent that is a wonderful thing."
   To apply for a loan, interested Airmen and spouses can download an application from the Air Force Aid Society Web site at www.afas.org. The AFAS financial assistance form can be found after clicking on the Emergency Assistance and Financial Assistance links.    After filling in the necessary blocks, the perspective borrower must go to their assigned installation family support or family readiness center with a valid identification card, a current leave and earnings statement. Interested guard and reservists must show Title 10 U.S. Code orders and a voided check, officials said.
   At the family support or family readiness center, a perspective borrower will meet with a financial counselor who will review the application. The loan will be granted or denied immediately following the application review, Ms. Allen said.
      "The beauty of this program is that the Airman can go online, download the application, fill out the application, bring it in and have only one person know they came in," Ms. Allen said. "Their supervisor and chain of command is not going to know about this."
Ms. Allen said the loan is meant to be used for an emergency such as shelter - rent or mortgage - food or emergency travel. She said it is not meant to start an individual retirement account or pay off your credit cards.
   "There are some families that have probably overextended themselves and this is a great benefit for them, to get out of a situation with total anonymity," said 72nd Air Base Wing Command Chief Master Sgt. Eric Harmon. "And they can take that step to get the help they need and take advantage of the resources we have here at Team Tinker."